It's been a very interesting few weeks in UK Gas Markets.
A sharp bounce in the UK Nat Gas price rallying back over 100 gbp/thm
UK government announcing they will waive the windfall tax if the Nat Gas price falls below 0.54 gbp/thm for 2 consecutive quarters
Sir Keir Starmer seemingly softening his stance on UK Oil and Gas saying it will be a crucial part of the UK's energy supply under Labour
It seems to me, that both side of politics in the UK are quickly starting to realise how much they need North Sea oil and gas both for energy security and to keep domestic prices in check.
I think this politics has weighed on hhr but the last couple of weeks have given me more confidence.
The stock has been beaten up a lot post capital raise and we are nearing the end of the tax year, but the fundamentals are starting to turn back up quickly. I still feel management did the right thing doing the cap raise, the short term share price movement shouldn't be relevant if you are long term holder. They needed funds to get this project into production, so management should ignore the noise and focus on delivery. If they can deliver what they say they can the market should eventually realise the potential of this project.
HHR Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
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